Title:
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A Resolution to approve the issuance and sale of revenue bonds by the Housing Authority of Prince George’s County, the awarding of Low Income Housing Tax Credits by the State of Maryland Community Development Administration for the acquisition and rehabilitation of Allentowne Apartments (the “Project”) and to amend the Prince George’s County Annual Action Plan: FY2007 to include the Project
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Title
A Resolution to approve the issuance and sale of revenue bonds by the Housing Authority of Prince George’s County, the awarding of Low Income Housing Tax Credits by the State of Maryland Community Development Administration for the acquisition and rehabilitation of Allentowne Apartments (the “Project”) and to amend the Prince George’s County Annual Action Plan: FY2007 to include the Project
Background
This Resolution will approve the issuance of tax-exempt mortgage revenue bonds by the Housing Authority of Prince George’s County and awarding of Low Income Housing Tax Credits by Maryland Community Development Administration for acquisition and substantial renovation of Allentowne Apartments, and will amend the Prince George’s County “Annual Action Plan: FY 2007” to include the Project.
Allentowne Apartments consists of 178 units, including a rental office, in 8 buildings and was constructed in 1963. It is currently in a distressed state and in need of substantial rehabilitation. RST Development, L.L.C. is the applicant and project developer.
A Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) public hearing, required by Section 147(f) of the Internal Revenue Code, was held on May 17, 2007.